(Bitcoin in the disaster zone) There are two reasons why the current situation is one of the most dangerous that can occur in the market.
The first is that bitcoin is at a crossroads right now, and is between two levels of billions of dollars worth of liquidations. At the $67,500 level, that's $2.75 billion dollars of seller liquidations. At the $50,000 level, that's 5 billion dollars of buyer liquidations.
New ATH above 74k = 6.1 billion liquidations.
Second reason: big pump before the weekend, after breaking through the strong 59k zone. That is, in just a few days Bitcoin was able to break strong support, consolidate under it, then break back up and consolidate above it. You don't see that very often. And all this on a bunch of small positive news, which are objectively very controversial and can be manipulation.
DANGEROUS RANGES:
$59.5-58.5k - this is where the action starts.
$56.9-52.1k - not scary, but it's better to stay alert.
$52.1-50,000 - apocalypse.
What to do? You can very little by little buy altcoins (especially RWA) on the spot without leverage, because as I said earlier - the first signs of the altcoin season have appeared.
What not to do? Absolutely not trade bitcoin right now, as I still expect it to fall, but I am out of the market myself waiting for buy entry points. Do not trade memcoins and other garbage, as they will fall on any sudden downward movement of bitcoin. Do not sell any alts!
